On a GAAP basis, revenue was $922 million and the company lost $176 million, or 15 cents a share.

“Despite a challenging quarter, we were able to deliver non-GAAP EPS at the high end of our guidance range,” CEO John Riccitiello said in a statement. “We are investing for the future wave of growth that we foresee in digital and console.”

For the March quarter, the company sees non-GAAP revenues of $1.025 billion to $1.125 billion, and non-GAAP profits of 57 to 72 cent a share; Street consensus has been $1.22 billion and 71 cents.

For the March 2013 fiscal year, EA now sees revenue on a non-GAAP basis of $3.778 billion to $3.878 billion and non-GAAP profits of 86 cents to $1 a share; Street consensus had been $4.07 billion and $1.01 a share.

EA this afternoon is up 5 cents, or 0.3%, to $15.13.

Update: CFO Blake Jorgensen noted in an interview with Forbes this afternoon that the company's results fell short of expectations on revenue, but he said they saw that coming early on, due in part to disappointing sale of the latest entry in the Medal of Honor series, and so they were able to control operating expenses, and hit the top end of the earnings guidance range. For Q4, he says, the company remains cautious, particularly around the core packaged software business. He says EA brought revenue guidance down and widened the range to show more caution.

Jorgensen contends the slowdown is more connected to weaker sales in anticipation of the next generation consoles - the current generation of boxes are now seven years old - expected later this year, rather than the loss of players to casual games on mobile devices.

He says the driver for the company this year will be more title slates than the timing of bringing on new consoles.